Republicans to try tax reform, I’m not holding my breath
President Trump has made two demands that he will not compromise on regarding tax reform. The corporate rate must be cut to 20 percent and the savings must go to the middle class. Gary Cohn, the president’s top economic aide, says any overhaul signed by the president must include these two elements.
Trump had initially pushed for cutting the 39.6 percent corporate tax rate to 15 percent. The administration says that the benefits of any tax cut will not favor the wealthy, with Cohn saying that an additional tax bracket could be added to levy taxes on the top one percent of earners if needed.
Senate Democrats including Chuck Schumer is already blasting the plan as Socialist Democrats never are in favor of a tax reform especially not tax cut.
Senator Schumer says Trump’s plan only gives “crumbs” to the middle class, while top-bracket earners making more than a half-million dollars a year would reap a windfall.
The New York Democrat also blasted the plan for actually increasing the bottom tax rate from 10 percent to 12 percent, calling it a “punch to the gut of working Americans.” For what it is worth this entire congress is a punch in the gut to American workers and needs to be replaced.
Schumer said the plan little more than an “across-the-board tax cut for America’s millionaires and billionaires. We haven’t heard this before from Democrats, right? This is the same old song and dance from Senator Schumer tax cuts for the wealthy. Expect commercials if this becomes a full-fledged battle showing old people losing their Social Security and kids at school asking mean Republicans to please not let them starve.
For what it is worth Paul Ryan says regarding tax cuts “there is no doubt the moment is here” . And Mitch McConnell says “Republicans are committed to comprehensive tax reform that provides more jobs, fairer taxes, and bigger paychecks.” Also on twitter Leader (weak leader) McConnell says “Americans deserve to keep more of their hard earned money. It’s time for #taxreform.”
McConnell and Ryan have been a complete joke. The pledged for 8 years that when they regained power the first thing they would do is repeal and replace Obamacare. They have failed miserably. I pride myself as an optimist but I have no faith in these two as leaders. And get ready for it the deciding vote that will kill tax reform, John McCain. The old RINO Republican is going to go out with a bang showing his true colors.